Evening capital. (Annapolis, Md.) 1884-1910, 1887-07-29

In a recent circular issued Dy Ine
Messrs. Harvey Fisk & Sons, bank
ers, New York, on the great clock
up" by the United States Treasury,
of millions of money wrung from
the people for taxes, it would APP
pear that the situation is becoming
startling, and if allowed to continue
every interest will feel it. Every
foot Of land will become Of less val
ne, every bushel of wheat, every
bushel of corn, every pound of cot
ton will decline in value. On the
other hand, if the administration
goes to work under the power given
it by existing laws, and earnestly
tries to frame new laws for the con-
sideration of the incoming Congress,
we shall see such an era of prosper
ity as was never before witnessed in
this land.
The fact is, that, with the excep-
ton of some twenty millions depos-
tied by the Treasury with National
Banks, there is now "locked up"
out of use and drawing no interest
in the United States Treasury, the
vast sum of nearly 1910, 900.
One hundred millions of this vast
sum the Treasury is obliged to keep
under the laws as reserve against
United States notes. Upwards of
another hundred millions of this
vast sum is retained to redeem the
notes of National Banks failed or
retiring circulation. There is no
law requiring the Treasury to keep
this sum locked up. 1t is only re-
quired to redeem the notes as pre-
sented. 1t will be years before
these National Bank notes will all
come in, and it is more than likely
that 3 to per cent. will never be
presented.
Should this money lie idle all
these years !? If it must then there
is some defect in the National Bank
ing Law which ought to be correct.
ed. Why Congress should have
put it in the power of the National
Banks to use the Treasury in this
way is a serious question.
OF the balance of this vast sum
there is retained to meet past due
bonds, disbursing officers drafts,
p. o. department accounts and di-
vers appropriations, nearly seventy
million dollars, just as if the Treas
ury was not receiving from the peo-
pie every month upwards of twenty
five million dollars to meet all these
things.
For all the above the Treasury
Department may set up valid ex-
cuse; but; if so, the next Congress
should see that something is done
to utilize as large part of this
$270, 900, 900 as is consistent and
safe. Still remaining is so, 900,
900 for which lock up there is no
reason or law except the ruling or
wishes of the Treasury Department.
1t is well for the people to know
how the Treasury stands. The fol-
lowing from the official statement
issued by Secretary Fairchild, June
80, 1887, shows the amounts in the
Treasury, to be 1919, SOS, S49.O4.
At same date the Treasury had
outstanding, with the exception
of the little part in the Nationl
Banks, ''locked up" in the Treas
ury,) 1897, 455, 595.O4,
With an outstanding debt of over
one thousand millions, on which
the people are taxed S44, 63s, 466
yearly for interest payments, we
would submit the simple question
Is it just to the people to keep, year
in and year out, 1887, 200, 900 lock-
ed up in the the treasury, drawing
no interest and doing no good ?
1t would be far better for the
country if 10000, 900 of this
money was Immediately used to
reduce the Understanding debt,
even If tho Covarnuart mado ro4h